The S&P 500 opened near a new record high on Tuesday with gains driven by investor confidence in coronavirus vaccine development.

The index opened with a 0.5 percent gain, rising to roughly 3,377 points. The index’s record for highest value at the end of trading day stands at 3,386.15 points.

The Dow Jones Industrial Average opened with a gain of more than 320 points, up 1.2 percent, while the tech-heavy Nasdaq composite sank roughly 0.6 percent.

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Tuesday’s stock movements were driven largely by rising optimism on Wall Street that a coronavirus vaccine may be ready for distribution within months. Russian President Vladimir PutinVladimir Vladimirovich PutinNot a pretty picture: Money laundering and America’s art market Blumenthal calls for declassification of materials detailing Russian threat to US elections Trump brushes off view that Russia denigrating Biden: ‘Nobody’s been tougher on Russia than I have’ MORE announced Tuesday that the federation has approved a coronavirus vaccine before going through a full trial process, prompting skepticism and alarm from scientists in Russia and across the world.

Even so, shares of airlines, cruise lines and other companies hindered by the pandemic rose broadly Tuesday as investors sold off high-value tech stocks that had led much of market’s previous gains amid lockdowns. 

The market’s solid open also comes as the White House and congressional leaders attempt to revive failed negotiations over another round of federal stimulus. President TrumpDonald John TrumpTeachers union launches 0K ad buy calling for education funding in relief bill FDA head pledges ‘we will not cut corners’ on coronavirus vaccine Let our values drive COVID-19 liability protection MORE over the weekend signed several executive orders meant to extend fiscal support through enhanced unemployment benefits, payroll tax deferral and student loan relief, but experts say his actions may not be legal or effective.

Republicans and Democrats are facing major differences over further aid for state and local governments facing severe financial shortfalls despite bipartisan pleas for help from state governors. The parties are also fiercely divided over how to extend enhanced unemployment benefits.

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